Four-Building Multifamily
For Sale
$2,900,000
157 Rathbun, Woonsocket, RI 02895
Four-building, 23-unit multifamily with 50-car parking and established monthly income.
Property Size17,246 SF
Price / SF$168.15
Days on Market56
Property Features for 157 Rathbun
General Information
Standard status
Active
Size
17,246 SF
Total Parking Spaces
50
Property subtype
Commercial
Additional Details
Multifamily Units
23
Taxes and HOA fees
Annual Taxes
$38,736
Amenities
Circuit Breakers
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
HERE REALTY
(401) 862-1251
Listed By:
LIST WITH LYON TEAM
Source:
Corcoran
Added: Jun 18
Changed: Aug 10
Last Checked: Aug 11 at 7:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HERE REALTY
Investment Insights
Based on property information with market context.
This for-sale portfolio consists of four apartment buildings totaling 23 units. The property includes a 50-car parking lot, which supports convenient on-site parking for residents. The offering is described as stabilized, with current income of $31,000 per month, or $372,000 annualized, and an achievable rent roll of $34,225 per month.
The buildings are located at 157 Rathbun in Woonsocket, Rhode Island (02895). The remarks also note the asset’s proximity to Providence, positioning the portfolio within a rental market that can benefit from that regional draw.
For investors seeking a manageable, income-producing multifamily portfolio, the unit count and on-site parking are practical operating factors. With the stated gap between current and achievable rent roll figures, the property presents a straightforward path for improving revenue while maintaining its existing stabilized income profile. This combination of scale, parking, and current performance is designed for buyers looking to move decisively on a turn-key income asset rather than a vacant or heavily repositioned property.
The buildings are located at 157 Rathbun in Woonsocket, Rhode Island (02895). The remarks also note the asset’s proximity to Providence, positioning the portfolio within a rental market that can benefit from that regional draw.
For investors seeking a manageable, income-producing multifamily portfolio, the unit count and on-site parking are practical operating factors. With the stated gap between current and achievable rent roll figures, the property presents a straightforward path for improving revenue while maintaining its existing stabilized income profile. This combination of scale, parking, and current performance is designed for buyers looking to move decisively on a turn-key income asset rather than a vacant or heavily repositioned property.
Key Highlights
- Four‑building multifamily with 23 units
- 50‑car parking lot for tenants
- Current monthly income: $31,000/month ($372,000 annualized)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$227,898
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,557,960
$4.6M
Cap Rate 7%
$3,255,686
$3.3M
Cap Rate 9%
$2,532,200
$2.5M
Market Conditions
NOI Build-Up for 17,246 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$440.8K $25.56/SF
− Vacancy
−$26.4K −$1.53/SF
EGI
$414.4K $24.03/SF
− OpEx
−$186.5K −$10.81/SF
NOI
$227.9K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,557,960
Cap Rate 7%
$3,255,686
Cap Rate 9%
$2,532,200
Alternative Uses
Best Use
Apartment 5plus
$3.26M
$2.85M – $3.80M
NOI $227,898 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.10M
$3.59M – $4.79M
NOI $287,154 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-building, 23-unit multifamily with 50-car parking and established monthly income.
Where is this apartment building located?
The property is located at 157 Rathbun Woonsocket, RI.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Four‑building multifamily with 23 units; 50‑car parking lot for tenants; Current monthly income: $31,000/month ($372,000 annualized)
